Security - Bosnia and Herzegovina

Bosnia and Herzegovina

The Security market in Bosnia and Herzegovina is anticipated to witness a substantial increase in revenue, reaching a projected value of US$3.3m in 2024.
This growth is further expected to continue with an annual growth rate (CAGR 2024-2028) of 18.42%, resulting in a projected market volume of US$6.5m by 2028.
In terms of market penetration, the number of active households in the Security market is predicted to reach 56.8k users by 2028.
This indicates a steady increase in household adoption of security measures.
As for household penetration, it is estimated to be 2.7% in 2024 and is projected to increase to 4.7% by 2028.
This suggests that a higher percentage of households in Bosnia and Herzegovina will be embracing security solutions in the coming years.
The average revenue per installed Smart_Home currently stands at US$101.50, indicating the financial value associated with implementing security systems in households.
When compared globally, in the United States takes the lead in revenue generation within the Security market, with an impressive figure of US$6,883.0m in 2024.
This showcases the dominance of the US market in this industry.
Bosnia and Herzegovina's security market is experiencing a surge in demand for advanced surveillance systems to combat rising crime rates.

Key regions: Asia, Japan, United Kingdom, Norway, Europe

Market

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Region comparison

Currency

Analyst Opinion

The Security segment targets the prevention/detection of burglaries, notifications about hazards such as fire or water leakage, emergency calls and access control. Its development is mainly driven by the replacement of traditional devices with connected ones. Main growth products in this case are smart locks and smart security cameras. Companies from several different industries compete in this market. Next to traditional security companies (e.g. ADT) and tech start-ups (Canary or Alarm.com), media companies and connectivity providers (e.g. AT&T or Comcast) also play an important role due to the high amounts of data that need to be transferred, especially in the video surveillance case. Developments vary strongly with country-specific conditions like burglary rates.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of smart home products, excluding taxes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use the Statista Global Consumer Survey, market data from independent databases and third-party sources, and Statista interviews with market experts. In addition, we use relevant key market indicators and data from country-specific associations, such as household internet penetration and consumer spending for households. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption. The main drivers are GDP/capita, level of digitization, and consumer attitudes toward smart home integration.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year in case market dynamics change.